Being loyal to your home loan lender could be costing you thousands of dollars over the course of your loan term. The good news is that the mortgage market is full of lenders offering great deals to all types of borrowers.

Refinance your home loan and you could end up with a cheaper home loan which better suits your needs. For example, if you have an average size home loan on an average variable rate of 4.30% p.a, you’re paying $1,833 a month on your home loan. If you refinanced that average home loan to a rate of 3.54% p.a, your monthly repayments would drop down to $1,672. That’s a saving of $161 per month. Over the course of 30 years, you’d save $58,141.